• EUR/AUD initiall dipped on Wednesday but recovered some ground as investors digested Powell’s comments, FOMC decision.
•Fed left its key interest rate unchanged, as expected, but indicated that its next move will probably be to cut rates.
•EUR/AUD has run out of steam after hitting daily low at 1.6416 but the pair is holding onto bull territory.
•Technical highlight upside risks. The5- and 9 day moving averages lend support, daily RSI is trending up
• Immediate resistance is located at 1.8059(23.6%fib), any close above will push the pair towards 1.8111(April 17th high).
• Immediate support is seen at 1.7999 (SMA 5) and break below could take the pair towards 1.7953 (38.2%fib).
Recommendation: Good to buy round 1.6430 with stop loss of 1.6330 and target price of 1.6500
